Required.

Franklin Manufacturing Company was started on January 1, year 1, when it acquired $81,000 cash by issuing common stock. Franklin immediately purchased office furniture and manufacturing equipment costing $7,700 and $24,900, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,600 salvage value and an expected useful life of three years. The company paid $11,200 for salaries of administrative personnel and $15,500 for wages to production personnel. Finally, the company paid $16,110 for raw materials that were used to make inventory. All inventory was started and completed during the year. Franklin completed production on 4,900 units of product and sold 3,970 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required a. Determine the total product cost and the average cost per unit of the inventory produced in…

Bensen Company started business by acquiring $26,900 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $26,900 that had a $4,500 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume that all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $4,950 cash. Bensen uses straight-line depreciation. Revenue Year 1 $ 7,820 Year 2 $ 8,320 Year 3 $ 8,520 Year 4 $ 7,320 Year 5 $ 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. Complete this question by entering your answers in the tabs below. Statement of Income Statement Statement of Changes in Balance Sheet Stockholders Cash Flows Prepare the statements of cash flows for each of the five years. Note: Amounts to be deducted and cash outflows…

Jada Company had the following transactions during the year: Purchased a machine for $440,000 using a long-term note to finance it. Paid $460 for ordinary repair. Purchased a patent for $48,000 cash. Paid $160,000 cash for addition to an existing building. Paid $52,000 for monthly salaries. Paid $240 for routine maintenance on equipment. Paid $10,000 for major repairs. Depreciation expense recorded for the year is $20,000. A) If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jada’s balance sheet resulting from this year’s transactions? B) What amount did Jada report on the income statement for expenses for the year?